RE: Good morning all8 May 2025 10:58
Https://oilprice.com/Energy/Crude-Oil/Cheap-Crude-Tests-US-Shales-Breaking-Point.html
A month ago, Citigroup said that if U.S. oil prices fall below $60 drillers will start drilling less, which is what happens every time oil prices take a dip. At $65 per barrel of West Texas Intermediate, the bank’s analysts said, shale producers will likely shut down 25 rigs, essentially eliminating production growth. At below $60 per barrel of WTI, rigs would go down by as many as 75 and production will reverse into decline, Citi also predicted.
Right now, WTI is trading at below $65 per barrel, and the rig count is down, too, on an annual basis, reflecting price trends. This time last year, there were 511 active rigs in the shale patch. Last week, there were 481. On a weekly basis, however, drillers added one rig, which might suggest the industry is not yet busy hunkering down to wait the price rout out.
Uk interest rates to go down today ? Good China US talks weekend Good but out come i'm not so sure will be good
gla